Philip Morris: Historically Low Dividend Yield Justifies A Sell

Philip Morris International's growth is driven by smoke-free products like IQOS and ZYN, with strong sales momentum post-Swedish Match acquisition. Despite robust operational performance and a raised outlook, the stock's valuation appears stretched with an EV/FCF of 31x and a historically low 3.1% dividend yield. Much of the recent growth seems to be already priced in, and further upside seems limited, making the risk/reward profile unattractive at current levels.